M.M.Kumar, President - (1.) This is an application filed by Axis Bank Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (for brevity the 'Code') with a prayer to set aside the decision of the Resolution professional dated 20.07.2017 (Annexure-5) and 06.09.2017 (Annexure-10) rejecting the claim of the Applicant filed before her. A further direction has been sought to the Resolution Professional to accept the claim of the applicant as a Financial Creditor of the Edu Smart Services Pvt. Ltd. -Corporate Debtor (for brevity the 'Corporate Debtor5) to the extent of the amount of debt on account of invocation of the corporate guarantee by the applicant.
(2.) Brief facts of the case necessary for disposal of the application are that the Financial Creditor, namely DBS Bank Limited filed C.P. No. (IB)-102(PB)/2017, which was admitted in the matter of 'Corporate Debtor' under Section 7 of the Code. While admitting the petition on 27.06.2017, we have also issued direction for the moratorium in terms of Section 14 of the Code as is evident from the perusal of para 11 of that order. The Interim Resolution Professional issued public notice inviting the claims, which was duly published on 30.06.2017 (Annexure-3). The applicant submitted its proof of claim in form 'C' on 11.7.2017 alongwith supporting documents to the IRP in respect of its claim aggregating to Rs. 396,76,07,676.68/-. The aforesaid amount was claimed being the amount guaranteed by the Corporate Debtor vide Corporate Guarantee furnished by it in favour of Educom Solutions Ltd. It is appropriate to mention that Educom Solutions Ltd. had entered into a Master Restructuring Agreement dated 25.03.2014, inter alia with the applicant-Axis Bank Ltd. for restructuring and reconstitution of the existing loans amongst other things and working capital facilities granted to Educomp Solutions Ltd. by a consortium of lenders. Thereafter, three addendums dated 03.09.2014, 29.09.2014 and 31.03.2015 were signed inter alia, between Educomp Solutions Ltd. and the applicant-Axis Bank Ltd. In addition to the Master Restructuring Agreement dated 25.03.2014, it has also been claimed by the applicant that various rules were sanctioned to the Educomp Solutions Ltd. and later restructured by Standard Chartered Bank in the year 2014. In furtherance of the Master Restructuring Agreement, SBICAP Trustee Company Limited was appointed as the Security Trustee vide the amended and restated security trustee agreement dated 03.06.2015.
(3.) In pursuance to the terms of the Master Restructuring Agreement, the SCB Loan Agreements and the Security Trustee Agreement, the loans granted under the said agreements to Educomp Solutions Limited were inter alia, secured by way of an irrevocable and unconditional corporate guarantee dated 03.06.2015 granted by the Corporate Debtor-respondent in favour of SBICAP and the lenders under the Master Restructuring Agreement and the SEB Loan Agreements. A copy of the Corporate Guarantee dated 03.06,2015 is on record (Annexure-2).;